80 homes and condos sold in South Beach in April with sales prices that were 89% of asking price. The average sales price was $895,000, and the median price was $414,000 stayed on the market for 145 days. Obviously, several sales in the higher price ranges have brought the average price up since the median price is much lower.
There are currently over 2,250 condos and homes for sale in the South Beach area. Inventory levels are actually down slightly over the past few months. Overall, the inventory in South Beach has been level for the past year. Sales and pending sales have steadily increased since December 2007, which was the worst month in several years here. Miami Beach had similar numbers.
While sales have increased some over the past few months, the number of pending sales (deals in contract now) has made a SIGNIFICANT increase up 137% to 109 PENDING sales from 37 pending residential sales in December 2007. This is a major indicator of increased buyer interest. In other words, the buyers are starting to wake up and are doing deals now.
For more detailed information on real estate in South Beach, Miami Beach and other nearby areas, please contact Michael Sahlman at 786.553.0697 or email Michael at Michael@HomesForVIPs.com. See my website at www.HomesForVIPs.com. Call 1-800-639-3520 Ext. 9149 for Free Reports on South Beach (our 24-hour recorded info line).
Michael and Cristina specialize in waterfront residential property, bulk sales, hotels and distressed property throughout Miami, Miami Beach and South Florida. Michael is a Certified Distressed Property Expert. For more information about them, see their website page titled About Us.